Bitcoin rebound faces strain as institutional spot demand and ETF flows fade

Bitcoin's rebound from the broader $65,000 support zone in April helped lift sentiment and briefly pushed BTC back toward ~$77,000. But in May, apparent demand slid to around -120,000 BTC while Coinbase Premium fell to -0.098% and ETF outflows were reported near $105 million, suggesting weaker U.S. institutional spot participation. With Open Interest rising toward ~$55 billion as funding cooled, the recovery appears increasingly dependent on derivatives rather than fresh spot buying.